Re:Bankman-Fried's Shrinking ‘$250M Bond’
by mise_en_place on Friday December 23, 2022 @01:36PM
(#34109158)
He operated a Ponzi scheme, so yes, he did in fact destroy billions in wealth. What is the evidence to the contrary? The fact that FTX destroyed billions in wealth is not relevant to this trial at all. It’s whether or not he intentionally and maliciously defrauded his customers.
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Re:Bankman-Fried's Shrinking ‘$250M Bond’
by anonymoushn on Friday December 23, 2022 @01:53PM
(#34109343)
It's not correct that he operated a Ponzi scheme. A Ponzi scheme involves selling people equity, then not actually having the underlying business, lying about returns and paying redeemers using money from other depositors. If I open a bank or "fintech" and let people deposit dollars and just steal their dollars without ever claiming that their balance of dollars has increased, it's not a Ponzi scheme.